President Uhuru Kenyatta on Thursday announced that Kenya will be looking to forge new trade partnerships with Latin America and Caribbean countries.
Through his Principal Secretary for Trade Chris Kiptoo, Kenyatta divulged that trade between Latin America and Caribbean countries in Africa was very low, stating that they needed to review the strategy.
The PS noted that reviewing economic strategies was crucial, especially with the changing global patterns citing the examples of Donald Trump's win in the US elections as well as Brexit.
“Whereas we have been seeing the Chinese, Indians, Americans and Europeans up their investments in Kenya, and also trade with these countries grow, investments and trade from Latin America has remained stagnant. It is time we put this to an end,” Kiptoo said while he read Kenyatta's speech.
Speaking during the Latin America Caribbean Africa Trade Summit (LAC AFRICA) in Nairobi, Kiptoo urged Latin and Caribean countries to use Kenya as a gateway to the continent since Africa was growing very fast.
“Africa is working on a Tripartite Free Trade Area, which will see regional blocs COMESA, EAC and SADC integrate to form a single market. The Free Trade Area has a combined population of 600 million people and a Gross Domestic Product (GDP) of about $1 trillion (Sh103 trillion). Kenya will be your entry route to this market,” Kiptoo told the audience.
About 30 companies from Argentina, Brazil, Uruguay and Colombia attended the summit which was meant to woo them to invest in Africa.
Last year, trade between Africa and Latin America stood at Sh5 Billion and seems to have stagnated with the countries seeming reluctant to invest in the continent.
